Home Tax Breaks Your CPA May Have Missed
March 4, 2017
If you’re a homeowner and are getting ready to file your taxes, be sure that you are cashing in on these tax breaks. Because CPAs are busy this time of year, it’s completely possible they could have overlooked these possible breaks – so it’s up to you to ensure these write-offs are considered when filing your taxes for this year.
- Green Home Improvements: If you’ve made some home improvements this year to improve your home’s efficiency, it could mean some tax breaks for you. Things like: dual-panel windows, insulation, tank-less water heaters or solar panels – could all be something for your CPA to review. Save or dig up receipts and be sure to ask them if it’s something that could save you on taxes.
- Mortgage Interest: This one should be obvious to any CPA, but only 63% of homeowners itemize these deductions. It’s worth it to explore this with your CPA to see if it makes sense for your specific financial situation.
- COD Tax Exemptions: In 2007, the Mortgage Debt Forgiveness Relief Act temporarily accepted cancellation of debt (COD) for incurring income tax liability for up to 100,000 homeowners a year. The Act initially is set to expire in 2013, but has been extended through 2016. So, if you were involved in a short sale or if you defaulted on a home loan in 2016, you may be eligible to take advantage of this tax break.
Just as a reminder, we aren’t a certified accountant, but a moving company – so, take some of these tips as guidelines and bring your question to your accountant.
At Beltmann, we want to make sure your next home move is a smooth and easy one – so give us a call when you’re ready for your next transition.